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Cellectis Reports Financial Results for the First Quarter 2025

1. Cellectis expects Phase 1 data for lasme-cel in Q3 2025. 2. Ongoing studies for eti-cel with late data expected in 2025. 3. AstraZeneca collaboration on multiple CAR T and gene therapy programs. 4. Cellectis has $246 million cash to fund operations into H2 2027. 5. The company reported increased revenues but suffered a net loss this quarter.

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Why Bullish?

Cellectis's financial stability and upcoming data releases could increase investor confidence. Historical examples show that positive data releases typically result in stock price increases for biotech firms.

How important is it?

The article discusses Cellectis's financial position and R&D progress, impacting overall investor sentiment.

Why Long Term?

The anticipated results from Phase 1 studies and ongoing partnerships may take time to influence stock price positively. Long-term investors may benefit significantly from successful trial outcomes.

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Lasme-cel (UCART22) Phase 1 dataset and late-stage development strategy expected in the third quarter of 2025Eti-cel (UCART20x22) Phase 1 study in relapsed or refractory B-cell non-Hodgkin lymphoma (r/r NHL) ongoing with readout expected in late 2025AstraZeneca partnership: R&D activities ongoing on three programs – one allogeneic CAR T for hematological malignancies, one allogeneic CAR T for solid tumors, and one in vivo gene therapy for a genetic disorderCellectis will present novel non-viral gene editing and base editing research at the 2025 ASGCT annual meetingCash position of $246 million as of March 31, 20251 provides runway into H2 2027 NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) -- Cellectis (the “Company”) (Euronext Growth: ALCLS - NASDAQ: CLLS), a clinical-stage biotechnology company using its pioneering gene editing platform to develop life-saving cell and gene therapies, today provided financial results for the first quarter 2025, ending March 31, 2025, and provided a business update. « We are making progress in our wholly-owned clinical studies and in the three programs under our strategic partnership with AstraZeneca. We will continue to focus our efforts and resources on advancing these core programs and are looking forward to the results expected over the next few months » said André Choulika, Ph.D., Chief Executive Officer at Cellectis. Pipeline Highlights UCART Clinical Programs BALLI-01 study evaluating lasme-cel (UCART22) in relapsed or refractory B-cell acute lymphoblastic leukemia (r/r B-ALL) On April 15, 2025, the International Nonproprietary Names (INN) Expert Committee of the World Health Organization (WHO) selected lasmecabtagene timgedleucel (lasme-cel) as recommended international non-proprietary name of UCART22 drug substance.Cellectis continues to focus on the enrollment of patients in the BALLI-01 study and expects to present the Phase 1 dataset and late-stage development strategy for lasme-cel in r/r B-ALL in the third quarter of 2025. NATHALI-01 study evaluating eti-cel (UCART20x22) in relapsed or refractory B-cell non-Hodgkin lymphoma (r/r NHL) On April 15, 2025, the INN Expert Committee of the WHO selected etivelcabtagene erigedleucel (eti-cel) as recommended international non-proprietary name of UCART20x22 drug substance.Cellectis continues to focus on the enrollment of patients in the NATHALI-01 study and expects to present a Phase 1 readout for eti-cel in r/r NHL in late 2025. Research Data & Preclinical Programs Novel Non-Viral Gene Editing and Base Editing Research On April 28, 2025, Cellectis announced the presentation of research data on TALEN®-mediated non-viral transgene insertion for advancing cellular and gene therapies, and advancements in genetic editing using TALE base editors (TALEB), at the American Society of Gene and Cell Therapy (ASGCT) annual meeting that will be held on May 13-17, 2025 in New Orleans. The data will be presented in two posters: TALEN®- Mediated non-viral Transgene Insertion for the Advancement of Cellular and Gene Therapies In this work, Cellectis combines TALEN®-mediated gene editing with non-viral transgene insertion for advancing cellular and gene therapies and explores gene insertion-efficacy and cellular health using single-stranded DNA (ssDNA) for payload delivery in different cell types.This innovative approach has the potential to address the challenges associated with traditional lentiviral viral methods or AAV-mediated transgene insertion such as manufacturing constraints, potential genomic toxicities or limited payload size. High fidelity C-to-T editing with TALE base editors TALE base editors (TALEB) are fusions of a transcription activator-like effector domain (TALE), split-DddA deaminase halves, and an uracil glycosylase inhibitor (UGI). The C-to-T class of TALEB edits double-stranded DNA by converting a cytosine (C) to a thymine (T) and does not involve a DNA strand nick. Cellectis has developed a method to evaluate TALEB activity, analyzing factors affecting its efficiency. Using precise ssODN knock-in in primary T cells, the method assesses how target sequence composition and spacer variations impact TALEB performance.Overall, the results of this study enhance the control and use of TALEB, allowing for the design of highly efficient and specific TALEB compatible with future potential therapeutic applications. The abstracts are live on the ASGCT website. The posters will be available on Cellectis’ website the first day of the event. Partnerships AstraZeneca Joint Research and Collaboration Agreement Research and development activities are ongoing under three cell and gene therapy programs under the joint research and collaboration agreement entered into by Cellectis and AstraZeneca in November 2023: one allogeneic CAR T for hematological malignancies, one allogeneic CAR T for solid tumors, and one in vivo gene therapy for a genetic disorder. Financial Results Cash: As of March 31, 2025, Cellectis had $246 million in consolidated cash, cash equivalents, restricted cash and fixed-term deposits classified as current-financial assets. The Company believes its cash, cash equivalents and fixed-term deposits will be sufficient to fund its operations into H2 2027. This compares to $264 million in consolidated cash, cash equivalents, restricted cash and fixed-term deposits classified as current-financial assets as of December 31, 2024. This $18 million change includes $6.7 million of cash-in from our revenue, $4.0 million of cash-in from our financial and cash-equivalent investments, partially offset by cash payments from Cellectis to suppliers of $10.3 million, Cellectis’ wages, bonuses and social expenses paid of $14.3 million, the payments of lease debts of $2.7 million, the repayment of the “PGE” loan of $1.2 million and the payments of capital expenditures for $0.4 million. We currently foresee focusing our cash spending at Cellectis in supporting the development of our pipeline of product candidates, including the manufacturing and clinical trial expenses of UCART22, UCART20x22 and potential new product candidates, and operating our state-of-the-art manufacturing capabilities in Paris (France) and Raleigh (North Carolina). Revenues and Other Income: Consolidated revenues and other income were $12.0 million for the three-month period ended March 31, 2025, compared to $6.5 million for the three-month period ended March 31, 2024. This $5.5 million increase between the three-month period ended March 31, 2024 and 2025 was mainly attributable to $5.9 million increase in revenue recognized under AZ JRCA in the first quarter 2025 based on the progress of our performance obligation rendered under the three research programs, partly offset by a slight decrease in other income by $0.6 million. R&D Expenses: Consolidated R&D expenses were $21.9 million for the three-month period ended March 31, 2025, compared to $22.3 million for the three-month period ended March 31, 2024, down by $0.4 million mainly driven by a slight decrease in R&D personnel expenses from $10.0 million in the first quarter 2024 to $9.6 million in the first quarter 2025. R&D purchases, external expenses and amortization remained stable during the period. SG&A Expenses: Consolidated SG&A expenses were $4.7 million for the three-month period ended March 31, 2025, compared to $5.1 million for the three-month period ended March 31, 2024. The $0.4 million change is mainly due to a slight decrease in purchases and external expenses while SG&A personnel expenses slightly decreased compared to the three-month period ended March 31, 2024. Other operating income and expenses: Other operating income increased by $0.4 million between the three-month periods ended March 31, 2024, and 2025 following the favorable outcome of a claim with French social tax authorities related to the reimbursement of social charges on non-vested and expired stock-options plans. Net financial gain (loss): We had a consolidated net financial loss of $3.9 million for the three-month period ended March 31, 2025, compared to a $26.3 million net financial gain for the three-month period ended March 31, 2024. This $30.2 million difference reflects mainly (i) a one-off $21.3 million gain in change in fair value of SIA derivative instrument recognized in the three-month period ended March 31, 2024, (ii) a $6.8 million increase in foreign exchange loss and a $2.2 million decrease in foreign exchange gain over the period due to USD devaluation, (iii) a $0.2 million increase of interest costs on loans, partially offset by a $1.0 million increase in gain from our financial investments and cash-equivalents. Net Income (loss) Attributable to Shareholders of Cellectis: Consolidated net loss attributable to shareholders of Cellectis was $18.1 million (or a $0.18 loss per share) for the three-month period ended March 31, 2025, compared to a $5.6 million net income (or a $0.08 net income per share) for the three-month period ended March 31, 2024. The $23.8 million change in net loss was primarily driven by (i) an increase in revenues and other income of $5.5 million and (ii) a $1.2 million decrease in operating expenses and other operating income, offset by a decrease of net financial gain of $30.2 million. Adjusted Net Income (Loss) Attributable to Shareholders of Cellectis: Consolidated adjusted net loss attributable to shareholders of Cellectis was $17.2 million (or a $0.17 loss per share) for the three-month period ended March 31, 2025, compared to a net income of $6.5 million (or a $0.09 income per share) for the three-month period ended March 31, 2024. The interim condensed consolidated financial statements of Cellectis have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IFRS”). Please see "Note Regarding Use of Non-IFRS Financial Measures" for reconciliation of GAAP net income (loss) attributable to shareholders of Cellectis to adjusted net income (loss) attributable to shareholders of Cellectis.   CELLECTIS S.A.INTERIM CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION (unaudited)($ in thousands)   As of  December 31, 2024 March 31, 2025ASSETS    Non-current assets    Intangible assets 1,116  242 Property, plant, and equipment 45,895  44,451 Right-of-use assets 29,968  28,482 Non-current financial assets 7,521  5,262 Other non-current assets 11,594  13,443 Deferred tax assets 382  382 Total non-current assets 96,476  92,262 Current assets    Trade receivables 6,714  7,870 Subsidies receivables 14,521  15,117 Other current assets 5,528  5,147 Cash and cash equivalent and Current financial assets 260,306  243,691 Total current assets 287,069  271,825 TOTAL ASSETS 383,544  364,086 LIABILITIES    Shareholders’ equity    Share capital 5,889  5,900 Premiums related to the share capital 494,288  495,266 Currency translation adjustment (39,537) (37,271)Retained earnings (292,846) (329,563)Net income (loss) (36,761) (18,128)Total shareholders’ equity - Group Share 131,033  116,204 Non-controlling interests 0  0 Total shareholders’ equity 131,033  116,204 Non-current liabilities    Non-current financial liabilities 50,882  51,037 Non-current lease debts 34,245  33,138 Non-current provisions 1,115  1,139 Total non-current liabilities 86,241  85,314 Current liabilities    Current financial liabilities 16,134  16,786 Current lease debts 8,385  7,862 Trade payables 18,664  17,209 Deferred revenues and deferred income 112,161  113,304 Current provisions 828  843 Other current liabilities 10,097  6,565 Total current liabilities 166,269  162,569 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 383,544  364,086    Cellectis S.A.INTERIM CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (unaudited)($ in thousands, except per share amounts)   For the three-month period ended March 31,  2024 2025    Revenues and other income    Revenues 4,528  10,655 Other income 1,970  1,373 Total revenues and other income 6,498  12,029 Operating expenses    Research and development expenses (22,324) (21,932)Selling, general and administrative expenses (5,104) (4,702)Other operating income (expenses) 35  426 Total operating expenses (27,392) (26,208)     Operating income (loss) (20,894) (14,179)     Financial gain (loss) 26,275  (3,948)     Income tax 262  0 Income (loss) from continuing operations 5 643  (18,128)Net income (loss) 5,643  (18,128)Attributable to shareholders of Cellectis 5,643  (18,128)Basic net income (loss) attributable to shareholders of Cellectis, per share ($/share) 0.08  (0.18)Diluted net income (loss) attributable to shareholders of Cellectis, per share ($/share) (0.15) (0.18)     Number of shares used for computing    Basic 71,810,231  100,156,559 Diluted 103,093,741  100,156,559       Note Regarding Use of Non-IFRS Financial Measures Cellectis S.A. presents adjusted net income (loss) attributable to shareholders of Cellectis in this press release. Adjusted net income (loss) attributable to shareholders of Cellectis is not a measure calculated in accordance with IFRS. We have included in this press release a reconciliation of this figure to net income (loss) attributable to shareholders of Cellectis, which is the most directly comparable financial measure calculated in accordance with IFRS.Because adjusted net income (loss) attributable to shareholders of Cellectis excludes non-cash stock-based compensation expense—a non-cash expense, we believe that this financial measure, when considered together with our IFRS financial statements, can enhance an overall understanding of Cellectis’ financial performance. Moreover, our management views the Company’s operations, and manages its business, based, in part, on this financial measure. In particular, we believe that the elimination of non-cash stock-based expenses from Net income (loss) attributable to shareholders of Cellectis can provide a useful measure for period-to-period comparisons of our core businesses. Our use of adjusted net income (loss) attributable to shareholders of Cellectis has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under IFRS. Some of these limitations are: (a) other companies, including companies in our industry which use similar stock-based compensation, may address the impact of non-cash stock- based compensation expense differently; and (b) other companies may report adjusted net income (loss) attributable to shareholders or similarly titled measures but calculate them differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider adjusted net income (loss) attributable to shareholders of Cellectis alongside our IFRS financial results, including Net income (loss) attributable to shareholders of Cellectis.   RECONCILIATION OF IFRS TO NON-IFRS NET INCOME (unaudited)($ in thousands, except per share data)   For the three-month period ended March 31,  2024 2025    Net income (loss) attributable to shareholders of Cellectis 5,643 (18,128)Adjustment:Non-cash stock-based compensation expense attributable to shareholders of Cellectis 887 976 Adjusted net income (loss) attributable to shareholders of Cellectis 6,530 (17,152)Basic adjusted net income (loss) attributable to shareholders of Cellectis ($/share) 0.09 (0.17)     Weighted average number of outstanding shares, basic (units) 71,810,231 100,156,559      Diluted adjusted net income (loss) attributable to shareholders of Cellectis ($/share) (0.14)(0.17)     Weighted average number of outstanding shares, diluted (units) 103,093,741 100,156,559    About Cellectis Cellectis is a clinical-stage biotechnology company using its pioneering gene-editing platform to develop life-saving cell and gene therapies. The company utilizes an allogeneic approach for CAR T immunotherapies in oncology, pioneering the concept of off-the-shelf and ready-to-use gene-edited CAR T-cells to treat cancer patients, and a platform to develop gene therapies in other therapeutic indications. With its in-house manufacturing capabilities, Cellectis is one of the few end-to-end gene editing companies that controls the cell and gene therapy value chain from start to finish. Cellectis’ headquarters are in Paris, France, with locations in New York and Raleigh, NC. Cellectis is listed on the Nasdaq Global Market (ticker: CLLS) and on Euronext Growth (ticker: ALCLS). To find out more, visit www.cellectis.com and follow Cellectis on LinkedIn and X. TALEN® is a registered trademark owned by Cellectis.    Cautionary Statement This press release contains “forward-looking” statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “will,” “expected,” “expect,” “potential,” “has the potential to,” “may,” or “could” or the negative of these and similar expressions. These forward-looking statements are based on our management’s current expectations and assumptions and on information currently available to management, including information provided or otherwise publicly reported by our licensed partners. Forward-looking statements include statements about advancement, timing and progress of clinical trials (including with respect to patient enrollment), the timing of our presentation of data, the potential of our innovation programs, and the sufficiency of cash to fund operations. These forward-looking statements are made in light of information currently available to us and are subject to numerous risks and uncertainties, including with respect to the numerous risks associated with biopharmaceutical product candidate development. With respect to our cash runway, our operating plans, including product development plans, may change as a result of various factors. Furthermore, many other important factors, including those described in our Annual Report on Form 20-F as amended and in our annual financial report (including the management report) for the year ended December 31, 2024 and subsequent filings Cellectis makes with the Securities Exchange Commission from time to time, which are available on the SEC’s website at www.sec.gov, as well as other known and unknown risks and uncertainties may adversely affect such forward-looking statements and cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.    For further information on Cellectis, please contact:      Media contacts:          Pascalyne Wilson, Director, Communications, + 33 (0)7 76 99 14 33, media@cellectis.com      Patricia Sosa Navarro, Chief of Staff to the CEO, +33 (0)7 76 77 46 93   Investor Relations contact:       Arthur Stril, Chief Financial Officer & Chief Business Officer, investors@cellectis.com ________________________1 Cash position includes cash, cash equivalents, restricted cash and fixed-term deposits classified as current financial assets. Restricted cash was $4.4 million as of March 31, 2025. Fixed-term deposits classified as current financial assets were $114.0 million as of March 31, 2025. Earnings_Q1_2025_PR_english.pdf

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